Question - 22

P Ltd. issued 5,000, 12% debentures of Rs. 100 each o 1st January, 1991 at a discount of 10% redeemable in five equal annual drawings commencing from the end of 1991. As- suming that the company writes off discount on issue of debentures during the life of the debentures journalise the transactions for the first three years.

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